Gold slips from 1-month peak on Sino-US trade talk hopes

Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria. Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar. Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibili


Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria. Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar. Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibili
Gold slips from 1-month peak on Sino-US trade talk hopes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15
Keywords: news, cnbc, companies, remain, fung, ounce, dollar, prices, surrounding, trade, tariffs, sinous, gold, slips, 1month, talk, talks, peak, hopes


Gold slips from 1-month peak on Sino-US trade talk hopes

Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria.

Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar.

Spot gold was steady at $1,296.49 an ounce by 0808 GMT.

U.S. gold futures edged 0.1% higher to $1,297.20 an ounce.

“Gold is restrained as people are still interested in the dollar. The $1,300 level also looks like a good resistance,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

The dollar held firm in early Asian trading, having been supported on Tuesday by U.S. President Donald Trump downplaying the recent escalation in his trade war with China as “a little squabble” and insisting that talks between the two countries had not collapsed.

A stronger dollar makes gold more expensive for holders of non-U.S. currency.

Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibilities of a protracted spat.

“The (gold) market is holding because some people bought gold especially after the Chinese government also raised tariffs on U.S. goods,” Fung said, adding that the metal is expected to remain range-bound between $1,280 and $1,310 an ounce.

The biggest trigger for gold, which had been mostly range-bound for the past week, came on Monday after China announced that it would impose retaliatory tariffs on a range of U.S. goods.

There was some profit-taking in the previous session after prices jumped about $20 on Monday and above the key $1,300 level, analysts and traders said.

“The ongoing Sino-U.S. trade dispute has illustrated cooling conditions as both parties expressed willingness to resolve existing trade differences,” Phillip Futures analysts wrote in a note.

“Gold prices though easing up on bullish gains will remain supported as investors remain cautious on lingering U.S.-China trade worries in the near term.”

Market participants now keenly eye economic data from Europe that will provide further cues on the strength of the global economy.

Among other precious metals, silver rose 0.2% to $14.81 an ounce, while platinum fell 0.2% to $853.75.

Palladium fell 0.7% to $1,326.25 an ounce.


Company: cnbc, Activity: cnbc, Date: 2019-05-15
Keywords: news, cnbc, companies, remain, fung, ounce, dollar, prices, surrounding, trade, tariffs, sinous, gold, slips, 1month, talk, talks, peak, hopes


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We want to be bigger than the NFL: One Championship

We want to be bigger than the NFL: One Championship2:55 AM ET Thu, 28 March 2019Hua Fung Teh of One Championship explains why he believes that his billion-dollar platform can one day be worth more than America’s National Football League.


We want to be bigger than the NFL: One Championship2:55 AM ET Thu, 28 March 2019Hua Fung Teh of One Championship explains why he believes that his billion-dollar platform can one day be worth more than America’s National Football League.
We want to be bigger than the NFL: One Championship Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-28
Keywords: news, cnbc, companies, national, championship, league, nfl, bigger, worth, football, fung, explains, et, platform, teh


We want to be bigger than the NFL: One Championship

We want to be bigger than the NFL: One Championship

2:55 AM ET Thu, 28 March 2019

Hua Fung Teh of One Championship explains why he believes that his billion-dollar platform can one day be worth more than America’s National Football League.


Company: cnbc, Activity: cnbc, Date: 2019-03-28
Keywords: news, cnbc, companies, national, championship, league, nfl, bigger, worth, football, fung, explains, et, platform, teh


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Gold falls as trade, emerging market worries lift dollar

Gold prices edged down on Tuesday as the dollar hit a more-than-one-week high on the back of intensifying global trade tensions and economic worries in emerging markets. Spot gold was down 0.3 percent at $1,196.90 an ounce at 0639 GMT, while U.S. gold futures had dropped 0.4 percent at $1,202.10 an ounce. “The emerging market economic crisis is making currencies very weak and benefiting the dollar, which continues to pressure gold,” said Peter Fung, head of dealing at Wing Fung Precious Metals i


Gold prices edged down on Tuesday as the dollar hit a more-than-one-week high on the back of intensifying global trade tensions and economic worries in emerging markets. Spot gold was down 0.3 percent at $1,196.90 an ounce at 0639 GMT, while U.S. gold futures had dropped 0.4 percent at $1,202.10 an ounce. “The emerging market economic crisis is making currencies very weak and benefiting the dollar, which continues to pressure gold,” said Peter Fung, head of dealing at Wing Fung Precious Metals i
Gold falls as trade, emerging market worries lift dollar Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-04
Keywords: news, cnbc, companies, lift, worries, trade, falls, interest, gold, fung, emerging, turkish, economic, market, dollar, silver, currencies


Gold falls as trade, emerging market worries lift dollar

Gold prices edged down on Tuesday as the dollar hit a more-than-one-week high on the back of intensifying global trade tensions and economic worries in emerging markets.

The yellow metal is down about 8 percent this year amid rising U.S. interest rates, trade disputes and the Turkish currency crisis, with investors parking their money in the dollar, which is being viewed as a safe-haven asset.

Spot gold was down 0.3 percent at $1,196.90 an ounce at 0639 GMT, while U.S. gold futures had dropped 0.4 percent at $1,202.10 an ounce.

“The emerging market economic crisis is making currencies very weak and benefiting the dollar, which continues to pressure gold,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

Currencies including the Argentine peso, Turkish lira, South African rand, Brazilian real, Indonesian rupiah and Indian rupee have suffered in recent weeks.

The dollar index, which measures the greenback against a basket of currencies, hit its highest since Aug. 24 at 95.410.

“Gold should track the dollar’s movement very closely and interest rate expectations too are weighing on the metal,” Fung added.

A firmer U.S. dollar makes gold more expensive for holders of other currencies, with safe-haven demand for gold this year overshadowed by the metal’s relationship with the greenback.

Markets are closely watching U.S. economic data, including a manufacturing survey on Tuesday and an employment report on Friday, which could influence gold’s moves this week as investors look for clues on the pace of U.S. interest rate increases.

Meanwhile, worries over an escalation in trade conflicts between the United States and other countries have kept participants in broader markets on the edge.

Spot gold may fall to $1,190 per ounce, as suggested by its wave pattern and a projection analysis, according to Reuters technical analyst Wang Tao.

“Gold and silver should bottom out at the current level as they should attract physical buying amid ongoing festival season in India. Dull economic activities may result in some safe haven buying in China,” said Vandana Bharti, assistant vice president of commodity research at SMC Comtrade Ltd.

“Gold should trade (for near term) in a range of $1,190-$1,220, above that we may see prices rising further to $1,237.”

Spot silver was down 0.4 percent to $14.40 on Tuesday, after falling to an over-two-week low at $14.35.

Platinum was up 0.3 percent at $785.70, while palladium was down 0.5 percent at $973.90, after hitting an 11-week high of $985.50 on Monday.


Company: cnbc, Activity: cnbc, Date: 2018-09-04
Keywords: news, cnbc, companies, lift, worries, trade, falls, interest, gold, fung, emerging, turkish, economic, market, dollar, silver, currencies


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Gold prices fall as dollar rises from fears of U.S. tariffs on China and expectations of a Fed rate hike

Gold prices fell on Thursday, after hitting their highest in over a week in the previous session, as fears of another round of U.S. tariffs on China and expectations of higher interest rates lifted the dollar. Prices failed to hold the psychological level of $1,200, after hitting $1,201.51, their highest since Aug. 13, in the previous session. Minutes of the Federal Reserve’s latest policy meeting suggested the U.S. central bank is on course to further raise interest rates. Rising interest rates


Gold prices fell on Thursday, after hitting their highest in over a week in the previous session, as fears of another round of U.S. tariffs on China and expectations of higher interest rates lifted the dollar. Prices failed to hold the psychological level of $1,200, after hitting $1,201.51, their highest since Aug. 13, in the previous session. Minutes of the Federal Reserve’s latest policy meeting suggested the U.S. central bank is on course to further raise interest rates. Rising interest rates
Gold prices fall as dollar rises from fears of U.S. tariffs on China and expectations of a Fed rate hike Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-23
Keywords: news, cnbc, companies, interest, fung, prices, policy, rises, hike, ounce, tariffs, fall, fell, expectations, rates, hitting, gold, fears, round, fed, rate


Gold prices fall as dollar rises from fears of U.S. tariffs on China and expectations of a Fed rate hike

Gold prices fell on Thursday, after hitting their highest in over a week in the previous session, as fears of another round of U.S. tariffs on China and expectations of higher interest rates lifted the dollar.

Spot gold was down 0.4 percent at $1,191.18 an ounce at 0244 GMT. Prices failed to hold the psychological level of $1,200, after hitting $1,201.51, their highest since Aug. 13, in the previous session.

U.S. gold futures were down 0.3 percent at $1,200 an ounce.

“People are worried about the fresh round of U.S. tariffs on China and are buying the dollar, which is seen as a safe haven now,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

U.S. and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of U.S. tariffs due to go into effect on Thursday.

“The fear of rate hikes is also pressuring gold. Despite Donald Trump’s recent attack on rising interest rates, we think the Fed may have its way,” Fung said, adding the $1,200 level is acting as a strong resistance for the precious metal.

Minutes of the Federal Reserve’s latest policy meeting suggested the U.S. central bank is on course to further raise interest rates.

The Fed has raised rates twice this year and is widely expected to tighten policy again next month after leaving rates unchanged at their last meeting.

Rising interest rates increase the opportunity cost of holding non-yielding gold while boosting the dollar, in which it is priced, making the yellow metal more expensive for buyers using other currencies.

The dollar index, which measures the greenback against a basket of six major currencies, was up 0.3 percent at 95.411, after falling to its lowest in nearly three weeks at 94.934 on Wednesday.

Markets are now eagerly watching for the Fed’s economic symposium in Jackson Hole, Wyoming, which will begin on Friday. Investors will wait to hear any change in stance from the central bank especially after President Donald Trump’s attack on its monetary policy early this week.

Spot silver was down 0.6 percent to $14.64 an ounce.

Platinum fell 0.4 percent to $788.80 an ounce, while palladium fell 1 percent to $916.90 an ounce, after hitting a three-week high at $928.50 an ounce on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-08-23
Keywords: news, cnbc, companies, interest, fung, prices, policy, rises, hike, ounce, tariffs, fall, fell, expectations, rates, hitting, gold, fears, round, fed, rate


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Gold firm as investors await clarity on Trump’s tariff plan

Gold prices held steady on Thursday as investors awaited more details on U.S. President Donald Trump’s proposed steel and aluminium tariffs, the outcome of the European Central Bank’s policy meeting, and U.S. jobs data. Spot gold rose 0.2 percent to $1,327.48 per ounce by 0309 GMT. “We see gold as a good hedge against rising equity market volatility and heightened political risks around trade tariffs, the NAFTA deal and North Korea,” ANZ analysts said in a note. The White House said late Wednesd


Gold prices held steady on Thursday as investors awaited more details on U.S. President Donald Trump’s proposed steel and aluminium tariffs, the outcome of the European Central Bank’s policy meeting, and U.S. jobs data. Spot gold rose 0.2 percent to $1,327.48 per ounce by 0309 GMT. “We see gold as a good hedge against rising equity market volatility and heightened political risks around trade tariffs, the NAFTA deal and North Korea,” ANZ analysts said in a note. The White House said late Wednesd
Gold firm as investors await clarity on Trump’s tariff plan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-03-07
Keywords: news, cnbc, companies, steel, tariff, rate, trumps, unchanged, clarity, investors, tariffs, proposed, rose, firm, gold, plan, fung, await, trade


Gold firm as investors await clarity on Trump's tariff plan

Gold prices held steady on Thursday as investors awaited more details on U.S. President Donald Trump’s proposed steel and aluminium tariffs, the outcome of the European Central Bank’s policy meeting, and U.S. jobs data.

Spot gold rose 0.2 percent to $1,327.48 per ounce by 0309 GMT. It hit a one-week high on Wednesday at $1,340.42, before closing at $1,325.49 an ounce.

U.S. gold futures were mostly unchanged at $1,32.20.

“We see gold as a good hedge against rising equity market volatility and heightened political risks around trade tariffs, the NAFTA deal and North Korea,” ANZ analysts said in a note.

Asian shares found some relief on Thursday as fears about a global trade war amid Trump’s push to introduce protectionist tariffs were tempered by signs that the move could include carve-outs for key partners.

The White House said late Wednesday that Canada, Mexico and possibly other countries may be exempted at least for a while from the proposed steel and aluminium tariffs.

Trump is expected to sign a presidential proclamation establishing the tariffs during a ceremony scheduled for 2030 GMT on Thursday, a source familiar with the situation said.

“Gold is going to be choppy here and remain in rangebound trading … It is finding some support in the downside around $1,300 levels due to safe haven demand,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

Investors are also awaiting U.S. non-farm payroll data due on Friday for more clarity on the pace of U.S rate hikes.

Businesses are reporting persistent labor market tightness across the United States, with accelerating wage gains in many regions, the Federal Reserve said on Wednesday in a report that bolstered the case for interest rate increases.

“In the medium-term, gold will come under some pressure from interest rate hikes and will recover as it has done in the past,” Fung said.

The European Central Bank is all but certain to keep policy unchanged on Thursday but may tweak its communication stance to offer at least a few clues about its progress towards ending its unprecedented bond purchases later this year.

Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.03 percent to 833.73 tonnes on Wednesday from Tuesday.

Spot silver rose 0.2 percent to $16.53 an ounce.

Platinum was up 0.1 percent at $953.10, after hitting its lowest since Jan. 4 at $945.70 in the previous session.

Palladium edged up 0.3 percent to $971.72, after dropping to its lowest since Feb. 9 at $961.55 on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-03-07
Keywords: news, cnbc, companies, steel, tariff, rate, trumps, unchanged, clarity, investors, tariffs, proposed, rose, firm, gold, plan, fung, await, trade


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